<ul><li>Home equity loans and home equity lines of credit (HELOCs) allow homeowners to tap into the value of their homes, with a HELOC being a variable-rate second mortgage and a home equity loan as a fixed-rate, lump-sum loan.</li><li>Different loan amounts such as $100K, $250K, and $500K HELOCs offer various borrowing capacities for different financial needs, with options ranging from 5-year to 30-year terms to suit different repayment preferences.</li><li>Home equity represents the amount of your home that you own, calculated by subtracting your mortgage balance from the appraised value of your home, indicating your accumulated wealth based on ownership.</li><li>Utilizing home equity can be done through a home equity loan, HELOC, or cash-out refinance, where the loan-to-value ratio (LTV) plays a crucial role in determining the amount that lenders may approve for borrowing.</li></ul>

Today’s HELOC & Home Equity Loan Rates: May 7, 2025

Discover more